After the quiet start to the week the big ships finally came alive. The improved rates in the physical has clearly got the bulls very excited. Subsequently paper rallied significantly from the open and was firm until the close. Atlantic cargoes are the driving force behind the move and bunker rates jumped which added fuel to the fire but with the larger picture still looking negative it remains to be seen how long this positivity will last.
It was a relatively active days trading on panamax paper which despite the continued range bound levels saw good volume changing hands. The improved sentiment off the capes and another decent nudge on the index saw us testing the upper end of the current range towards the close but with some sharp carries already in place buyers were careful not to get to carried away and it seemed unlikely to break out as an air of caution remains.
Source: Freight Investor Services (FIS)